CREI Lectures in Macroeconomics

CREI Lectures in Macroeconomics

69 Pages · 2012 · 613 KB · English

CREI Lectures in Macroeconomics Contracts and the Global Organization of Production Pol Antràs Harvard University June 2012 Pol Antràs (Harvard University) CREI

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CREI Lectures in Macroeconomics Contracts and the Global Organization of Production Pol Antràs Harvard University June 2012 Pol Antràs (Harvard University) CREI Lectures: Lecture 2 June 2012 1 / 69 Intro duction Intro duction Introduction In this lecture, I will begin to discuss simple ways to introduce contractual imperfections in the benchmark models developed at the end of Lecture 1 I will start with a simple variant of the Melitz (2003) model of exporting this will be developed in more detail in the Lectures’ manuscript Later I will introduce contractual frictions into the model of global sourcing in Lecture 1 At the end, I will discuss empirical evidence suggestive of the role of these frictions for the international organization of production Pol Antràs (Harvard University) CREI Lectures: Lecture 2 June 2012 2 / 69 Contracts and Exp orting Behavior Contractual Frictions in the M elitz M o del Contractual Frictions in the Melitz Model In the Melitz model, it is assumed that …rms decide on the volume of output sold in each market in a pro…t-maximizing manner Remember that the pro…ts that a …rm from country iwith productivity janticipates obtaining in country jare given by p ij( j ) = max n (t ijw i) 1 s B jj s 1 w if ij , 0 o But to realize those pro…ts, we implicitly assume that the …rm: 1 has full information on all parameters of the model (including the level of demand implicit in the term B j) 2 can hire (e¢ ciency units of ) labor at a wage rate w i(or inputs) without frictions 3 can costlessly contract with a local distributor (an agent, employee, or a …rm) that will collect the sales revenue in country jand will hand them over to the exporter in iin exchange for a fee Pol Antràs (Harvard University) CREI Lectures: Lecture 2 June 2012 3 / 69 Contracts and Exp orting Behavior Contractual Frictions in the M elitz M o del Contractual Frictions in the Melitz Model A lot of interesting recent work in Trade has been

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